Confused by all the abbreviations and acronyms used in the world of financial crime prevention and AML compliance? We have created a shortlist of the most referred to acronyms in AML/CFT.
ABC – Anti-Bribery and Corruption
ACAMS – Association of Certified Anti-Money Laundering Specialists
ACPR – French Prudential Supervision and Resolution Authority
AMF – French Financial Markets Regulator
AML – Anti-Money Laundering
AML/CTF – Anti-Money Laundering/Counter-Terrorism Financing Rules
AMLD – Anti-Money Laundering Directive
APG – Asia Pacific Group on Money Laundering
APTs – Asset Protection Trusts
ARS – Alternative Remittance System
ATMs – Automatic Teller Machines
AUSTRAC – Australian Transaction Reports and Analysis Centre
BIS – Basel Committee on Banking Supervision
BMPE – Black Market Peso Exchange
BO – Beneficial Ownership
BSA – Bank Secrecy Act
CCPA – California Consumer Privacy Act
CDD – Customer Due Diligence
CFATF – Caribbean Financial Action Task Force
CFT – Combating the Financing of Terrorism
CRO – Chief Risk Officer
CRS – Common Reporting Standard
CSP – Corporate Service Provider
CTR – Currency Transaction Reporting
DOJ – Department of Justice (US)
DNFBP – Designated Non-Financial Businesses & Professions
EAG – Eurasian Group on Combating Money Laundering & Financing of Terrorism
EDD – Enhanced Due Diligence
EFT – Electronic Funds Transfer
EGFIU – Egmont Group of Financial Intelligence Units
eIDV – Electronic Identification & Verification
ESAAMLG – Eastern & Southern African Anti-Money Laundering Group
EU – European Union
FATCA – Foreign Account Tax Compliance Act
FATF – Financial Action Task Force
FCA – Financial Conduct Authority (UK)
FinCEN – Financial Crimes Enforcement Network
FSRB – Financial Action Task Force Style Regional Bodies
FIU – Financial Intelligence Unit
FX – Foreign Exchange Market
GAFILAT – Financial Action Task Force on Money Laundering in Latin America
GCC – Gulf Cooperation Council
GRC – Governance, Risk & Compliance
HMT – Her Majesty’s Treasury (UK)
HNWI – High Net Worth Individual
ID&V – Identification & Verification
IVTS – Informal Value Transfer System
IBC – International Business Company
IMF – International Monetary Fund
ISIL – Islamic State of Iraq & The Levant
ISIS – Islamic State of Iraq & al-Sham
JMLIT – Joint Money Laundering Intelligence Taskforce
KY3P – Know Your Third Party
KYC – Know Your Customer
KYCC – Know Your Customer’s Customer
KYE – Know Your Employee
LC – Letter of Credit
MiFID – Markets in Financial Instruments Directive
MOU – Memorandum of Understanding
MLRO – Money Laundering Reporting Officer
MSB – Money Service Business
MENAFATF – Middle East & North Africa Financial Action Task Force
MLAT – Mutual Legal Assistance Treaty
NGO – Non-Governmental Organisation
NPO – Non-Profit Organisation
NRA – National Risk Assessment
OFC – Offshore Finance Centre
OECD – Organisation for Economic Cooperation and Development
PATRIOT – The Uniting and Strengthening America by Providing Appropriate Tools required to Intercept and Obstruct Terrorism Act 2001
PEP – Politically Exposed Person
PIC – Private Investment Company
PSP – Payment Services Provider
RBA – Risk-Based Approach
SAR – Suspicious Activity Report
SDN – Specially Designated National
SIE – Special Interest Entity
SIP – Special Interest Person
STR – Suspicious Transaction Report
TBML – Trade-Based Money Laundering
TCSP – Trust & Corporate Service Provider
TF – Terrorist Financing
UBO – Ultimate Beneficial Owner
UN – United Nations
